N.Y. New York City health and hospitals corporation act 1016/69 § 11: Moneys of the corporation

§ 11. Moneys of the corporation. 1. Any moneys of the corporation,

from whatever source derived, shall, except as otherwise provided in

this act, be deposited as soon as practicable in banks or trust

companies organized under the laws of the state or national banking

association doing business in the city designated by the board. The said

moneys of the corporation shall be paid out on checks signed by the

chairman of the board or by such other person or persons as the board

shall authorize. All deposits of such moneys shall, if required by the

board, be secured by obligations of the United States or of the state or

of the city of a market value equal at all times to the amount of the

deposits and all banks and trust companies are authorized to give such

security for such deposits.

2. Subject to the terms of any contract, lease or other agreement

undertaken by the corporation, any such moneys of the corporation not

required for immediate use may, at the discretion of the board, be

invested by the corporation in obligations of the United States, the

state or the city or in obligations the principal and interest of which

are guaranteed by the United States, the state or the city.

3. The comptroller, or his legally authorized representative, is

hereby authorized to and shall examine annually the accounts and books

of the corporation including its receipts, disbursements, contracts,

reserves, sinking funds, investments and any other matters relating to

its financial operation and standing.